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China central bank sounds cautious note on recovery

The People's Bank of China said the country's revival isn't yet on a solid ground, and cautioned about the rapid growth in domestic lending.

"External economic trends are severe and uncertainties exist," the bank said in its first-quarter monetary-policy report on Wednesday.

It reaffirmed that it will maintain a moderately loose monetary policy and ensure sufficient liquidity in the banking system, but added that loan quality needs to improve to "prevent risks of amplifying volatility in the economy and of rebounding nonperforming loans".